Reference no: EM132056510

Question: Discussion Forum (suggested level of effort: 1 hour)

The purpose of a discussion forum is for students to engage one another over topics related to the course material. An initial post by each student "sets the table" for follow-on responses by other students. In a graduate-level academic setting, the initial post is more than describing opinion by the student. Rather, it is opinion supported by published literature or other references (e.g., refereed journals, textbooks, and especially the PMBOK). The response post can be less formal but no less thoughtful in content.

Discussion Topic: Project Risk Planning

Initial Post Requirement: Minimum 300 words. Choose one of the 10 discussion (except Questions #8 and #9) questions located at the end of Chapter 11, CPM 4e and write a discussion post in response. You must include at least one citation (in text) and a reference list in support of your discussion.

Response Post Requirement: Minimum 150 words. In the response post, you will provide a counter opinion or alternative point of view, not simply a reaffirmation of the initial discussion post. The response post can rely entirely on your experience or it can be a combination of your experience supplemented with information learned from the course reading materials and other references.

Assessment: You will be assessed on 1) content and 2) completeness (e.g., use of in-text citation of references used for summarizing, paraphrasing and quoting and other writing mechanics) and word count.

Guidance: See the Purdue Online Writing Lab (OWL) website for guidance on citations and references. A copy of the Purdue OWL citation chart is provided in the course home page (Moodle). Discussion forum content can include a combination of material from literature and your own personal experience. Do some research and find papers that are associated with the topic of the question. It is recommended that you use the materials provided in this course and the assigned readings in CPM 4e and the PMBOK 6e for references when appropriate for the question you've chosen. Online blogs are not acceptable references.

Chapter Review Questions

1. A negative impact is known as a(n)                  while a positive impact is known as a(n)                 .

2. Who should be involved in identifying potential risks for the project?

3. List and describe the four different categories of project success measures.

4. During which stage of a project are most risks typically uncovered?

5. Relative to the project's life cycle, when is the cost per risk discovered typically highest?

6. When a project manager is gathering informa-tion about risks, is it a good idea for her to set a limit on the number of risks that will be considered? Why or why not?

7. What does a SWOT analysis examine?

8. What is a root cause analysis?

9. Name three different ways to categorize project risks.

10. A key supplier for your project has not been returning your calls or responding to your e-mails. This is an example of a(n) - which indi¬cates that a risk is likely to occur.

11. What two main criteria are used when evaluating risks during qualitative risk analysis?

12. Should every risk, no matter how major or minor, have a contingency plan created to address it? Why or why not?

13. Are both qualitative and quantitative risk analy¬ses used on all projects? Why or why not?

14. What is an example of transferring risk?

15. Describe the various types of information that are often contained in the risk register. Why is each included?

16. In the risk register, why should only one person be assigned 'owner of a risk?

17. Which three risk strategies are used specifically for dealing with opportunities?

Discussion Questions

1. Give one example each of a known known, known unknown, and unknown unknown you have encountered on previous projects.

2. Describe trade-offs that may need to be made among project stakeholders' priorities. How would you address these trade-offs as a project manager?

3. List three methods that can be used for categoriz¬ing project risks. For a fund-raising project. give examples of risk using each categorizing method.

4. To help identify risks, what are some questions a project manager could ask when reviewing the project charter and WBS?

5. You are hosting a large dinner party. What are two possible risks you would encounter? Identify at least one trigger condition for each.

6. What is the difference between a major risk and a minor risk? How do you determine which risks are major versus minor?

7. List and describe at least three common quantitative risk analysis techniques. Under what circumstances would you find each one useful?

8. Name the eight common risk responses that are used and describe how you might use two or three of them together on a project.

9. You are the project manager of a construction project for a large organization and will be relying mostly on independent contractors to execute the project work Which type of contract would you prefer to use to procure their services? Why?

10. Give an example of a risk you have chosen to accept on a previous project. How did you make the decision to accept it? In retrospect. was that the right decision to make?